On 3rd July PFC announced that it was trading well ahead of expectations. Not surprisingly, sp jumped but has now fallen back pretty much to the same level as before the announcement.

While perhaps not as exciting as finding the next Cairn, remember that in the goldrush days, it was rarely the prospectors who made the money, but rather the suppliers of the spades and tents and stuff - e.g. Levis if memory serves me aright.

chart currently looks horrid - go to page 1 - but latest update reiterates that the company is on track for annual 15% growth ....... though somewhat volatile due its sector, this stock surely now looks oversold - as do so many others of course

hopefully this'll have a positive impact on the sp today/next couple of weeks?

More value added news today:

Petrofac Awarded Project Offshore Cote d'Ivoire
26 June, 2012
Petrofac, the international oil & gas service provider, has been awarded a fast track front end engineering design (FEED) project offshore the Côte d’Ivoire.
Petrofac’s Engineering & Consulting Services (ECS) team based in Woking, UK will undertake the work on the Gazelle field in Block C1-202 on behalf of Rialto Energy (Rialto) and Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (PETROCI). Rialto is operator of the block and holds an 85% interest, while PETROCI hold the balance.
The contract is expected to be completed in October and at its peak will involve a team of 75 personnel. The FEED will support the award of the early engineering, procurement, installation and commissioning contracts for both the offshore platform and offshore and onshore pipelines, which are expected to be awarded by the end of the year.
Martin Barnes, General Manager for ECS Woking commented: “This is an extremely intense FEED schedule and I look forward to the team delivering a high quality product for Rialto and PETROCI. In carrying out this work we are also able to draw on the extensive capability of our subsea pipeline consulting and engineering services business, KW Ltd, which differentiates and adds significant value to our offer. Strategically, the project also represents an important offshore reference for us in the West African market.

Shame that the general weakness in the markets is suppressing the impact on the sp

Indeed, but quality will out as they say.. sooner or later.

A downgrade by Investec not helping matters today I expect.

"Investec has downgraded its rating for oilfield services group Petrofac from 'buy' to 'hold' and cut its target price from 1,900p to 1,500p, saying that caution over 2013 still remains as the backlog continues to decline.

We still believe in the medium-term investment case for Petrofac and have little doubt that it can meet its medium-term objective of doubling recurring 2010 group earnings by 2015, but the shares are unlikely to perform in a drifting oil price environment (even though this has little tangible impact on PFC’s business) and whilst the ECOM contract wins are failing to replace the existing backlog, increasing uncertainty for 2013 forecasts."

Chief Financial Officer, Tim Weller, purchased 10,000 ordinary shares today.. Encouraging?

one would like to think so but not had a pos+ impact on sp so far (unless... it might have gone down more if there was no purchase!)

as you say, yesterdays Investec downgrading hasn't helped..
let's hope sentiment changes soon.

.

and ?

No further comment. I was just bringing forward the chart from the previous page. Charts seem to be a simple graphic of a stock's performance, regardless of all the research and broker notes that are regularly posted. Not a share I currently hold, but has been on my watch list for quite a long time.

ok thanks

Another contract win: http://www.moneyam.com/action/news/showArticle?id=4413650 Wonder how much that's worth?

market thinks little of it

as usual, pfc brings home great results and sp dumps ..... may buy some more

Possibly the word 'delays' triggered a nervous reaction?

StockMarketWire.com
Oil and gas industry service group Petrofac reported revenue up 20% to $3.2bn for the half-year to end-June (2011: $2.7bn).

Net profit was up 32% to $325.3m (2011: $246.3m).

Earnings per share (diluted) were up 32% to 94.82 cents (2011: 71.84 cents).

Interim dividend is up 21% to 21.00 cents (13.45 pence) per share (2011: 17.40 cents).

The order backlog at 30th June 2012 was $8.9bn (31st December 2011: $10.8bn; 30th June 2011: $11.4bn); in addition Petrofac secured $1.5bn of awards that were pending contract signature at 30th June 2012 and were not included in the backlog.

Net cash balances at 30th June 2012 were $0.8bn (31st December 2011: $1.5bn).

Ayman Asfari, CEO, said: 'We have delivered good operational and financial performance in the first half of the year and remain on course to deliver net profit growth in 2012 of at least 15%.

'Our strategy for future growth is based on three key drivers: geographical expansion; broadening our offshore engineering, procurement and construction capability; and implementing our Integrated Energy Services strategy. As previously indicated, over the past few months we have seen delays in certain contract tender processes with a number of anticipated awards moving from 2012 into 2013. Whilst these delays impact the expected level of 2012 new orders for Onshore Engineering & Construction, we continue to expect our strategy to deliver earnings growth in 2013 and beyond.

'As a result, we remain confident of achieving our target of more than doubling our recurring Group 2010 earnings by 2015.'

almost certainly, though PFC traditionally dumps on results regardless ...... have married money to mouth

Goes ex-divi 19th Sept '12 (21.00¢)

Only minor problem is when to get back in for another upward sprint in SP. Rarely is there a more predictable Ft100 Share then PFC. IMHO.

NOW doesn't look too bad to me - but then i would say that wouldn't i!